Increasing oil demand and growing construction activities are poised to drive growth in the Global Rotary Drilling Rig Market during the forecast period.
The TechSci Research’s report, the Rotary Drilling Rig Market is expected to experience robust growth from 2024 to 2028. Rotary drilling rigs are categorized into land rigs and offshore rigs, each with distinct characteristics. Land rigs are known for their portability and ability to operate at maximum depths. Drilling an oil well is a complex endeavor requiring skilled personnel, advanced machinery, and various materials. Successful drilling involves teamwork and the utilization of sophisticated equipment.
The primary objective of a drilling project is to safely and efficiently drill and complete a well while minimizing costs. Rotary drilling technology relies on continuous circular rotation of the bit and circulation of drilling fluid to fracture rock and drill boreholes effectively and safely.
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The Global Rotary Drilling Rig market is segmented by Location of Deployment and Application. In terms of Deployment, the Offshore segment is projected to dominate, driven by efficient rotary drilling technology widely used in offshore oil and gas extraction. Abundant resources and the potential for deepwater and ultra-deepwater extraction present significant opportunities for market growth.
Regionally, the North America market is expected to lead, fueled by its status as one of the world’s largest oil and gas producers. In 2021, the region boasted nearly 586 rotary rigs, with the United States as the largest market. Shale gas development in the US drives market growth, with production expected to reach 33.94 Tcf by 2050. Canada is also set to increase its share of tight gas and shale gas production, reaching 80% by 2035. North America’s dominance is further reinforced by increased offshore drilling activity, positioning the region for forecast period dominance.
Key market players in the Global Rotary Drilling Rig market are:
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- Inc
- Bauer AG
- Atlas Copco
- SANY Group Co. Ltd
- Schramm Inc.
- Sandvik Drilling
- Dando Drilling International Ltd
- Streicher Drilling Technology GmbH
- Beijing Sinovo International & Sinovo Heavy Industry Co. Ltd
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“During the forecast period, North America is expected to lead the market due to its significant oil and gas production from numerous wells. The offshore segment is anticipated to dominate deployment locations, driven by increasing deepwater drilling activities, accounting for approximately 30% of global crude oil output,” stated Mr. Karan Chechi, Research Director at TechSci Research.
TechSci Research’s report, “Rotary Drilling Rig Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” assesses the future growth potential of the market. It offers insights into market size, structure, and future growth trends, aiming to provide cutting-edge market intelligence for informed investment decisions. Additionally, the report identifies and analyzes emerging trends, drivers, challenges, and opportunities in the Global Rotary Drilling Rig Market.
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